Climate Energy

ERBD finances Albania’s floating solar project

Suppose you are keen on the latest market trends, you are aware of the safest business to invest in, according to the 2021 chart. One of the sectors includes renewable energy, which doesn’t surprise many considering it was a hot-search topic for months and it is still something experts often discuss. Why is the renewable energy sector the best investment field? It is the best option, thanks to the inevitable transition of clean energy that the planet is gradually undergoing to save the globe from extreme climate changes. The shift to electric vehicles and renewables all have one goal, to achieve a net-zero emission planet with comfortable climatic conditions. As a result, various governments and companies have set up policies to motivate people to adopt clean energy and come up with new projects to back up the transition.

Albania is one of the countries making incredible renewable energy progress as it targets achieving its clean energy targets. Recent reports show that the company is constructing a 12.9MW floating solar plant with financial help from the European Bank of 9.1 million euros loan for the development process. This farm will become the debut floating solar project of considerable size in the Western Balkans and Albania.

The country plans to build this solar plant in a hydropower plant in Vau i Dejes under the management of Korporata Elektroenergjitike Shqiptare. This move will play a huge step in ensuring adequate renewable energy in the country and demonstrates an innovative breakthrough of green technology in the country using the available solar resources. Not to mention, it represents maximization of resources such as the scarce land in Albania.

ERBD recently announced its plans to offer financial help to back up the country’s floating solar project. The loan will be served to KESH-owned special-purpose vehicle for its establishment to help in the construction phase of the project. This finance loan from ERBD marks the first stable financial method for this project and will help commercialize this project and one of the leading state-owned utilities, KESH.

Currently, KESH runs three big hydropower farms in the country with a maximum energy capacity of 1,350 MW which equals 70% of its domestic energy generation. This new solar project will add KESH’s energy capacity making it more resilient in its journey to produce renewable energy. Besides, this project matches the country’s ambition to improve its solar capacity, which has currently amounted to two auctions with ERDB support and offering competitive tariffs.

ERBD records show it mobilized and contributed around 315,830 euros for the preparation of this green energy project. ERBD head Francesco Corbo commented on the collaboration claiming that they are happy to be part of Albania’s floating solar project and are eager to explore this project’s potential.

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